Macro Summary
The market concluded the session with a total volume of $329.3B, representing 98% of the 30-day average. The narrative of the session was defined by a massive localized surge in Asia-Pacific Equities and Volatility Alternatives, contrasting with a significant pullback in Commodity and Digital Asset activity. While broad indices remained relatively flat, high-activity outliers in long-term treasuries and regional equity funds signaled a tactical repositioning across global markets.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $235.0B | $222.1B | 106% |
| Fixed Income | $31.0B | $33.2B | 93% |
| Commodities | $14.4B | $30.2B | 48% |
| Digital Asset | $4.6B | $7.3B | 63% |
| Currencies | $121.6M | $115.6M | 105% |
| Alternatives | $1.8B | $1.2B | 146% |
| Non-Traditional | $42.2B | $43.1B | 98% |
| Multi-Asset | $242.5M | $238.9M | 102% |
Equity
Equity markets traded at 106% of their 30-day average, with total volume reaching $235.0B. Activity was heavily skewed toward the Asia-Pacific region, where the category traded at a staggering 2,417% of normal volume, primarily driven by massive turnover in VPL (-1.45%) and AIA (-0.73%). Consumer Staples also saw elevated volume but underperformed with a -1.24% return.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Region – Asia-Pacific | 2417% | $2.5B | -0.62% |
| Equity: Region – Asia-Pacific Ex-Japan | 508% | $869.0M | +0.03% |
| Equity: Sector – Consumer Staples | 134% | $2.7B | -1.24% |
| Equity: Thematic – Midstream & MLPs | 127% | $191.2M | -0.38% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| VPL | Vanguard FTSE Pacific ETF | 2681% | $2.5B | -1.45% |
| JPEF | JPMorgan Equity Focus ETF | 1805% | $155.2M | +0.12% |
| AIA | iShares Asia 50 ETF | 1462% | $749.8M | -0.73% |
| RXI | iShares Global Consumer Discretionary ETF | 958% | $24.0M | -0.06% |
| EUFN | iShares MSCI Europe Financials ETF | 816% | $486.9M | +1.95% |
| OMFL | Invesco Russell 1000 Dynamic Multifactor ETF | 776% | $134.8M | -0.01% |
| IWX | iShares Russell Top 200 Value ETF | 706% | $160.1M | -0.19% |
| RSPN | Invesco S&P 500 Equal Weight Industrials ETF | 688% | $78.0M | +0.25% |
| RWR | State Street SPDR Dow Jones REIT ETF | 645% | $211.4M | +1.17% |
| FLTW | Franklin FTSE Taiwan ETF | 502% | $104.5M | +0.04% |
Fixed Income
Fixed Income volume totaled $31.0B, representing 93% of average turnover. Despite the slight overall dip, Preferred Stock and Sovereign Debt segments saw localized anomalies. Fixed Income: Taxable – Preferred Stock activity reached 162% of ADV, led by high-activity outliers like PFF (+0.41%) and a surge in treasury products such as GOVI (+0.11%).
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Preferred Stock | 162% | $454.7M | +0.25% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GOVI | Invesco Equal Weight 0-30 Year Treasury ETF | 2388% | $257.4M | +0.11% |
| TBLL | Invesco Short Term Treasury ETF | 1168% | $230.9M | +0.00% |
| VGLT | Vanguard Long-Term Treasury ETF | 625% | $970.7M | +0.15% |
| PCY | Invesco Emerging Markets Sovereign Debt ETF | 586% | $61.8M | +0.34% |
| HIMU | iShares High Yield Muni Active ETF | 461% | $66.8M | +0.09% |
| HYLB | Xtrackers USD High Yield Corporate Bond ETF | 384% | $225.0M | -1.42% |
| PFF | iShares Preferred & Income Securities ETF | 289% | $301.2M | +0.41% |
| DBND | DoubleLine Opportunistic Core Bond ETF | 279% | $9.6M | +0.06% |
| VNLA | Janus Henderson Short Duration Income ETF | 266% | $57.0M | -0.02% |
| GVI | iShares Intermediate Government/Credit Bond ETF | 232% | $37.8M | -0.00% |
Commodities
Commodities saw a significant reduction in interest, with volume falling to $14.4B, just 48% of the 30-day average. Focused Precious Metals categories saw volume dry up compared to recent weeks, and the class posted a broad average return of -1.40% across active funds.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
No items met the inclusion criteria for this session.
Digital Asset
Digital Asset turnover was muted, recording $4.6B in volume (63% of average). Bitcoin-focused products provided the bulk of turnover, though activity vs. ADV remained significantly below average for the session.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
No items met the inclusion criteria for this session.
Currencies
Currencies traded at 105% of average volume, totaling $121.6M. The session was balanced with no significant category or ticker outliers meeting the high-activity criteria.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
No items met the inclusion criteria for this session.
Alternatives
Alternative ETFs saw a notable spike in interest, trading at 146% of average volume ($1.8B). This was almost entirely driven by Volatility strategies; Short Volatility funds saw 165% of normal activity (+1.44% return), while Long Volatility traded at 144% but suffered a -3.30% loss.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Short | 165% | $357.9M | +1.44% |
| Alternative: Volatility – Long | 144% | $1.4B | -3.30% |
High-Activity Ticker Outliers
No items met the inclusion criteria for this session.
Non-Traditional
The Non-Traditional space traded $42.2B (98% activity). While broad categories remained near average, individual tickers like SSO (250% ADV) and TCAL (239% ADV) saw heavy concentrated trading. Synthetic Income strategies for Equity and Fixed Income also saw selective surges in participation.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SSO | ProShares Ultra S&P 500 | 250% | $642.0M | +0.30% |
| TCAL | T. Rowe Price Capital Appreciation Premium Income ETF | 239% | $9.9M | +0.04% |
| QYLD | Global X NASDAQ 100 Covered Call ETF | 193% | $279.9M | -0.17% |
| CHPY | YieldMax Semiconductor Portfolio Option Income ETF | 188% | $31.9M | +0.40% |
| IWMI | NEOS Russell 2000 High Income ETF | 180% | $32.6M | +0.08% |
| QQQI | NEOS Nasdaq 100 High Income ETF | 173% | $498.1M | +0.07% |
| BALI | iShares U.S. Large Cap Premium Income Active ETF | 155% | $12.7M | +0.11% |
| TLTW | iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 163% | $56.5M | +0.24% |
Multi-Asset
Multi-Asset ETFs remained stable, trading at 102% of average volume ($242.5M). Growth-oriented Target Risk strategies saw a minor activity premium, though broad asset allocation funds traded in line with historical norms.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| RLY | State Street Multi-Asset Real Return ETF | 154% | $8.3M | -0.68% |
Disclaimer: This AI-assisted commentary is for informational purposes only. The “High-Volume Categories” table includes categories with over $100M in volume and activity at least 125% of their 30-day average, limited to the top 5 by activity percentage. The “High-Activity Ticker Outliers” table shows the top 10 ETFs from each asset class, sorted by the highest trading activity versus their 30-day average. All reported ETFs have AUM over $250M and an ADV greater than $2.5M.
Disclosures: This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.
This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.
